Solotel buys Sydney pub from landlord
Elliot Solomon has bought a popular inner city pub from his landlord of nearly 20 years.
The Court House Hotel freehold at Newtown set the executive’s Solotel back $24 million.
It was paying $724,132 ex-GST per annum on a lease set to expire this year.
The result is $4m over expectation when it was listed six weeks ago.
Brian Dooley was the seller, having paid $532,500 in 1987.
Freehold going concern
At 202-204 Australia Street, on the south-east corner of Lennox, diagonally adjacent to Camperdown Memorial Rest Park, the Court House Hotel site spans 764 square metres.
The two level pub was built in 1859; also known locally as The Courty, it contains 14 electronic gambling machine entitlements (continues below).
HTL Property’s Andrew Jolliffe and Daniel Dragicevich were the agents.
They said Newtown has an active night time economy with 160,000 people visiting on a typical weekend.
Night time spending per month is estimated to be $8.6m, they added.
The deal comes four months since we reported Solotel sold Australian Venue Co the leasehold to four Sydney pubs for a total c$40m.
Solotel was established in 1986 by Mr Solomon’s father, Bruce.
Subscribe to our newsletter at the bottom of this page.
